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The European Commission threatened this Sunday to proceed with an infringement process against Germany by the ruling of the German Constitutional Court on the policy of the European Central Bank (ECB), stressing that “Community law prevails over national law”.
“We are now analyzing in detail the decision of the German Constitutional Court and we will see the next possible steps, which may include the option of [lançar] an infringement procedure, “stresses the president of the community executive, Ursula von der Leyen, in a statement published this Sunday in Brussels.
The reaction comes after the German Constitutional Court on Tuesday demanded that the ECB, within three months, justify the fulfillment of its mandate for the purchase of large debts, with Brussels now threatening to initiate a procedure that applies to the States members. Members of the European Union (EU) who violate EU rules and result in heavy sanctions.
Stressing that “the task of the European Commission is to safeguard the proper functioning of the euro system and the legal system of the Union”, Ursula von der Leyen argues that the decision of the German Constitutional Court raises these questions “in question”.
“The European Commission defends three basic principles: that the monetary policy of the Union is a matter of exclusive competence, that community law prevails over national law and that the decisions of the Court of Justice of the European Union are binding on all courts national “, You need the leader of the institution.
After the Court of Justice of the European Communities recalled on Friday that it has “exclusive jurisdiction to declare that an act of a Union institution is contrary to Community law”, Ursula von der Leyen stresses that “the last word on law of the EU always occurs in Luxembourg “, where this institution is located.
“Nowhere else,” he says, adding that “the EU is a community of values and laws, which must be upheld and defended at all times.”
The German Constitutional Court demanded on Tuesday that the ECB, within three months, justify the conformity of its mandate for the purchase of large debts, in a sentence with uncertain implications, despite this, in 2017, and before the doubts already raised By the same court that is based in Karlsruhe, the Court of Justice of the European Union issued a ruling that the program of the European Central Bank does not violate Community law.
However, in the new ruling this week, the Karlsruhe court declared that the ECB’s debt purchase program, adopted in 2015, exceeded its powers without considering the proportionality of the measure as a tool to raise the inflation rate to about 2%. %, and considered that the competition to buy back the public debt en masse is “doubtful”.
In light of the decision of the Constitutional Court, the German central bank (Bundesbank) will be banned from participating in this anti-crisis program “if the Governing Council does not demonstrate, exhaustively and substantially, that it has not passed the European treaties.”
With this ruling, the German court declared that the ECB’s debt purchase program, adopted in 2015, is partially contrary to the German Constitution, but stressed that the ECB “could not establish a violation” of the ban on directly financing European states
On Thursday, ECB President Christine Lagarde said the institution “will continue, without discouragement, doing everything necessary to fulfill its mandate.”
The ECB “will continue, without discouragement, doing everything necessary to fulfill its mandate” of price stability in the euro area, Christine Lagarde estimated at a conference organized by Bloomberg, adding that the European Central Bank is “a European Institution, responsible before the European Parliament and under the jurisdiction of the Court of Justice of the European Union, “he said.
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